NORWAY, Feb. 7, 2001 (PRIMEZONE) — Frontline (Nasdaq:FRONY) has, through market purchases, executed 6 February 2001 bought back 200,000 of the Company’s common shares. The shares have been bought back at a price of NOK 107.18.
Further, holders of Frontline warrants have exercised 142 warrants. Frontline has in exchange for proceeds equal to USD 222 issued 14 shares.
Total number of outstanding shares after this is 76,901,525. The shares have been acquired in accordance with a Board authorization to buy back shares. Including the mentioned transaction 2,887,145 shares has been acquired within a total of 3,500,000 authorized.
CONTACT: Tom E. Jebsen +47 23 11 40 00